Govt threatens to name, shame forex sharks

BY XOLISANI NCUBE

Government has threatened to name and shame alleged brains behind Zimbabwe’s verdant parallel market which it says was fuelling the spike in the prices for basic goods and services.

Information minister Monica Mutsvangwa told journalists at a post-Cabinet briefing on Tuesday that authorities were aware of who the real buyers of foreign currency on the parallel market were and how they were pushing rates high.

“You think those young people without shoes are the ones who are behind the parallel market? It will be folly to believe that. We know that there are big people behind them. I think it is time we start to deal with that and expose who are these people,” she said.

By Tuesday, the US dollar was selling for ZWL$7,3 on the electronic money transfer platform and ZWL$5,8 for the bond notes.

Mutsvangwa said although the law that criminalises dealing in foreign currency without authority and carrying a 10-year jail sentence was in operation, arresting those on the streets, who she said were just agents, would not end the parallel market.

The run-away exchange rate has sent tremors down government corridors with fears that it could collapse the economy with most traders reluctant to conduct business, while those doing so were demanding hard currency.

Mutsvangwa said dealers were pegging the US dollar rate to the Old Mutual implied rate to determine the exchange rate for the US$ against the RTGS dollar.

“We can’t be pegging the rates against an international multinational group that is in business and has no interest of the people. It is time we look at this issue very carefully and protect our people,” said Mutsvangwa.

This is not the first time that President Emmerson Mnangagwa’s regime has threatened to name and shame who it has termed economic saboteurs.

Last year, politicians and businesspeople who allegedly externalised over $1,3 billion during former President Robert Mugabe’s era were named, but just a few returned the money before the expiry of the set deadline.

Before the naming and shaming, speculation was rife that ousted allies of Mugabe were among those who externalised funds from the country, with government officials blaming this on cash and foreign currency shortages in the country.

But the list contained largely importing businesses that had not acquitted their import papers with the central bank as well as some Chinese nationals.

After the naming, no one was prosecuted for the alleged acts.

7 Comments

  1. Always threatening, why not just name and shame them? Seems like the proverbial guard dog which ends up joining the foxes its supposed to chase away.

  2. we have heard this before go ahead please

  3. Her son is a forex shack, these ministers are a proper nuisance. Son was caught with 200 000k at their offices changing money. Zimbabwe is just dead

  4. Why just threaten?? Govt obviously has no idea who the sharks are as they would nail them not just threaten! More inactive lipservice! Totally incompetent!

  5. Why threaten, what is wrong here. Do you threaten to name & shame a thief a rpist, a murderer, a fraudster,

  6. The government is failing to act,yet they know who is fueling the inflation,however the word in the street is that,those who were demoted by ED and reasigned to Zanupf Headquarter had a point to prove to the socalled technocrats who had takeover from them,and the point is,’you cant fix,what we failed to fix for donkey years’,and it seems they are winning the economic war,as the government is equally ashamed to name them,without shaming itself,as the money trail,i bet with all i have,goes back to those socalled patriots and sons of the soil.
    Mugabe’s weakness among other weaknesses,was to secretly use,his compatriots’s looting to his advantage,but where did it take him,and in what state did he left Zimbabwe,it seems the new dispensation hasnt learnt anything.
    Threatening,threatening mrs speaker sir isnt enough,punish them,and if the worst come to the worst kill them,zimbabweans had suffered enough in the hands of these economic pharoahs

  7. Kasikayi Handikendingi

    Why shame arrest those sharks if you know them but we know they won’t even name them because its them who are dealing in forex including their children what a shame of a government. Hapana zvehurumende apa full of thieves chete

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